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The stock market planet awaited him like the messiah. The quarterly copy of NVidia, alone capable of giving new impetus, or not, on a technological market with stratospheric valuation, was the event yesterday after the market. By far exceeding the greedy expectations of analysts, the company, which is now fully benefiting from the demand for AI, has delighted the financial community. To the point of foreseeing a sharp increase in opening this Thursday… and dragging down the Nasdaq, and the other American… and European indices…
Yesterday the CAC managed to record new zeniths (7,821 points). He should register again from the opening this Thursday. Especially if the battery of activity indicators included in the program (the PMIs) are reassuring.
Yesterday the Fed Minutes, the traditional report of the last FOMC, were relegated to the background. This report basically only confirmed what we already knew, namely that the powerful monetary institution headed by J Powell is determined – and it has the luxury of being able to wait – to delay before carrying out a first drop in Fed Funds.
On the values ​​side, At the top of the CAC 40, Carrefour gained 4.9% after delivering its annual accounts. If the results are mixed, cash generation exceeds all expectations and the group has significantly increased its dividend.
On the other side of the spectrum, Edenred saw bright red (-11.5%), showing its worst decline since March 12, 2020 (-16.58%) after Italian media reports indicating that the Italian subsidiary of Edenred was the subject of an investigation by the Rome prosecutor’s office regarding potential tender rigging allocated in 2021. The company confirmed the opening of an investigation but said it was “confident” in its outcome.
On the other side of the Atlantic, the main equity indices finished in disorganized order. Remember that Nvidia’s accounts were only published after the stock market. The Dow Jones managed to gain 0.13% to 38,612 points while the Nasdaq Composite (-0.32% to 15,580 points) demonstrated the caution of operators. The S&P500, the benchmark barometer of risk appetite in the eyes of fund managers, ended very slightly up 0.13% at 4,981 points.
An update on other risky asset classes: around 8:00 a.m. this morning on the foreign exchange market, the single currency was trading at a level close to $1.0850. The barrel of WTI, one of the barometers of the appetite for risk on the financial markets, was trading around $78.10.
On the agenda this Thursday, to follow as a priority the first estimates of PMI for the current month in the Euro Zone at 10:00 a.m., consumer prices in the Euro Zone at 11:00 a.m. and weekly registrations for unemployment benefits across the Atlantic at 2:30 p.m.
KEY GRAPHIC ELEMENTS
The index crossed 7,700 points on gap and entered an unexplored navigation zone between 7,700 and the symbolic threshold of 8,000 points. The oscillatory RSI (relative strength index) is recovering, suggesting a final bullish surge before consolidation that can be broken down into several legs.
FORECAST
Considering the key graphical factors that we have mentioned, our opinion is positive on the CAC 40 index in the short term.
This bullish scenario is valid as long as the CAC 40 index is above support at 7700.00 points.
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